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WorksheetsChapter 4 - Analyses of Transactions and Rules of Dr & Cr
Total questions: 25
Worksheet time: 20mins
He is the father of Accounting.
Who is he?
(a)
According to Accounting Standards Council (ASC). Accounting is a (a) . Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions
According to American Accounting Association (AAA). Accounting is the process of __________, __________ and ________ economic information to permit informed judgments and decisions by users of the information.
identifying
measuring
communicating
recording
classifying
According to American Institute of Certified Public Accountants (AICPA). Accounting is is an art of __________, __________, __________ in a significant manner and in terms of money, transactions, and events which are, in part at least, of a financial character, and interpreting the results thereof.
summarizing
measuring
communicating
recording
classifying
this is the phase of accounting which involves the routine and mechanical process of writing down the business transactions and events in the books of accounts in chronological manner called Journalizing.
Recording
Classifying
Summarizing
Interpreting
Identifying
this is the phase of accounting which involves the completion of the financial statements and the accounting requirements as well.
Recording
Classifying
Summarizing
Interpreting
Identifying
What is the difference between Accounting and Bookkeeping?
When can we say that an event or an activity is accountable?
VALUE RECEIVED
DEBIT
CREDIT
VALUE PARTED WITH
DEBIT
CREDIT
Bought a car for cash. What is the value received/debit?
car
cash
accounts receivable
business
A debit entry may signify a decrease in
asset
liability
expense
drawing
a credit may results in a/an
decrease in asset
increase in asset
increase in liability
decrease in liability
increase in owner's equity
a debit may results in a/an
decrease in asset
increase in asset
increase in liability
decrease in liability
increase in owner's equity
Which of the following accounts do not directly or indirectly affect the owner's equity?
additional investment
withdrawal of capital
revenue generated
collection from a customer
Purchased of supplies for cash
Dr. Cash
Cr. Supplies
Dr. Supplies
Cr. Accounts Payable
Dr. Supplies
Cr. Cash
Dr. Supplies
Cr. Income
Investment by owner
Dr. Cash
Cr. Revenue
Dr. Owner's Capital
Cr. Cash
Dr. Cash
Cr. Accounts Receivable
Dr. Cash
Cr. Owner's Capital
Purchase of supplies on credit
Dr. Cash
Cr. Accounts Payable
Dr. Supplies
Cr. Accounts Payable
Dr. Supplies
Cr. Accounts Receivable
Dr. Supplies
Cr. Cash
Service Income performed on account
Dr. Accounts Receivable
Cr. Service Income
Dr. Service Income
Cr. Accounts Receivable
Dr. Cash
Cr. Accounts Payable
Dr. Service Income
Cr. Accounts Receivable
Paid the house rent of employee in cash
Dr. Cash
Cr. Rent Expense
Dr. Rent Expense
Cr. Accounts Receivable
Dr. Accounts Payable
Cr. Rent Expense
Dr. Rent Expense
Cr. Cash
Service Income performed for cash and credit
Dr. Service Income
Cr. Cash
Cr. Accounts Receivable
Dr. Accounts Payable
Dr. Cash
Cr. Service Income
Dr. Cash
Dr. Accounts Receivable
Cr. Service Income
Dr. Service Income
Cr. Cash
Cr. Accounts Payable
Payment of Telephone expenses
Dr. Telephone
Cr. Cash
Dr. Telephone
Cr. Accounts Payable
Dr. Accounts Receivable
Cr. Telephone
Dr. Cash
Cr. Telephone
Payment of supplies purchased on credit
Dr. Supplies
Cr. Accounts Payable
Dr. Cash
Cr. Accounts Payable
Dr. Accounts Payable
Cr. Cash
Dr. Accounts Payable
Cr. Supplies
Received payment from service rendered
Dr. Cash
Cr. Accounts Payable
Dr. Accounts Receivable
Cr. Cash
Dr. Service Income
Cr. Cash
Dr. Cash
Cr. Accounts Receivable
Purchased addition equipment by credit and in cash
Dr. Cash
Dr. Equipment
Cr. Accounts Payable
Dr. Accounts Payable
Dr. Cash
Cr. Equipment
Dr. Equipment
Cr. Accounts Payable
Cr. Cash
Dr. Equipment
Dr. Accounts Payable
Cr. Cash
